In the long run, output is determined solely by the supply of capital and the supply of labor, not the price level
Indicate whether the statement is true or false
TRUE
Economics
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An index number is important only in a relative sense -- in comparison to an index number from another period
a. True b. False
Economics
The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except
a. assigning land property rights. b. auctioning off sheep-grazing permits. c. taxing sheep flocks. d. subsidizing sheep flocks.
Economics